The discovery is notable because it reveals a sizeable pool of latent supply and unrealized liquidity embedded in long-held retail positions. If a meaningful share of these assets is reclaimed and reintroduced to markets, the resulting flows could influence liquidity conditions and short-term price formation.
Checking 0x757f88 on Hyperliquid shows 3,000 BTC (~$360M) and $225 was initially received from HyperCore Treasury on October 7.
Timing analysis links the source back to a wallet holding 29,321 BTC (~$3.2B):
12XqeqZRVkBDgmPLVY4ZC6Y4ruUUEug8Fx pic.twitter.com/ls1OapVv8R
— Specter (@SpecterAnalyst) October 11, 2025
What the Dormant-Asset Sweep Found
Bithumb described the dormant total as exceeding $200 million, distributed across about 2.6 million inactive user accounts. The dataset highlighted extreme appreciation within certain balances, including gains greater than 61,000% over the holding period and one account valued around $2.84 million after nearly 12 years of inactivity. As additional context within the same dataset, Bitcoin’s long-term appreciation over a comparable window was noted at about 11,300%. The contrast underscores how early positioning can compound into materially different outcomes across assets and cycles.
The figures came from a screening process focused on accounts with more than 12 months without login or trading activity. The pattern aligns with an early-adopter cohort that left assets on centralized platforms and did not update access or custody posture through multiple market cycles. Operationally, this implies dormant balances can persist at scale even on major venues. It also indicates that “inactive” does not necessarily mean “small,” particularly when appreciation is extreme.
Market and Compliance Implications
Bithumb said it would notify eligible users and provide assistance to recover access to dormant accounts. Once recovered, these holdings represent latent supply that could be liquidated or otherwise re-enter secondary markets, with the largest effects likely in thinner tokens and less liquid trading pairs. The impact is path-dependent: staggered recoveries may be absorbed, while clustered recoveries could create measurable liquidity shocks. The timing and behavior of claimants is therefore the key market variable, not just the headline total.
From a risk and compliance standpoint, the episode highlights several operational priorities. Effective account-recovery workflows, transparent audit trails for reclaimed assets, and monitoring for large or sudden transfers are critical controls when dormant funds begin to move. It also introduces counterparty considerations for product and compliance teams assessing custody and notification processes. Recovery campaigns can increase operational load and elevate fraud and impersonation risk if user verification is not tightly controlled.
Investors and risk teams will monitor how many accounts are successfully recovered and whether meaningful amounts are sold or redeployed. The pace and scale of reclaimed holdings re-entering markets will test both market sensitivity to latent supply unlocks and the robustness of Bithumb’s recovery process.